Operator Manchester Airports Group has secured funding for an effort to buy Stansted airport from the BAA.

Airport news for Stansted,Manchester on 06/08/2012.

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Operator Manchester Airports Group has secured funding for an effort to buy Stansted airport from the BAA.

Reports said on Friday that the Manchester airport owner reached a deal with Australia-based investors for some £1 billion to cover the costs of the proposed purchase. The move comes in the wake of competition authorities upholding the 2009 decision that Heathrow owner the British Airports Authority must sell off Stansted in order to comply with regulatory statues.

Manchester Airports Group also owns and operates East Midlands and Bournemouth airports. The group is owned by a consortium of Manchester area councils.

Under terms in the potential deal, the biggest shareholding council will reduce its stake in the group to 35 per cent from 55 per cent, whilst smaller town halls will reduce their combined stake to 30 per cent from 45 per cent. The remaining 35 per cent will go to Australian investment firm Industry Funds Management in exchange for funding.

IFM has reportedly has some $35 billion in investments across 26 countries worldwide.

Despite the move, experts say that the proposed takeover of Stansted is not certain, as the BAA protest is ongoing and is headed to the Supreme Court following the Court of Appeal’s upholding last month.

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